In keeping true to our mission of improving the health of people worldwide, we seek to provide the best-possible benefits to our own employees as they work to advance our mission.
Rockville, MD (PRWEB) August 21, 2012
Illustrating its strong commitment to the long-term well-being of its employees, the U.S. Pharmacopeial Convention (USP) has earned national acclaim for its benefits program. An independent judging panel of employee benefits experts named USP as one of the 2012 winners of The Principal 10® Best Companies for Employee Financial Security.
USP is a nonprofit, scientific organization that develops public standards to help ensure the quality of pharmaceuticals, food ingredients and dietary supplements in the United States and worldwide. More than 700 employees work at USP’s headquarters in Rockville, Md., and its offices in Brazil, India, China and Switzerland.
Judges selected USP because of its dedication to its employees through a focus on employee benefits, such as retirement and wellness programs, designed to improve both physical health and financial security.
“USP and other Principal 10 Best winners continue to set the standard for improving employee financial security; they realize an investment in their employees constitutes an investment in their own future well-being,” said Luke Vandermillen, vice president at the Principal Financial Group®. “Winning companies offer a number of ways to impact the long-term physical and financial health of their employees and understand the direct connection between well-rounded benefits, a healthier workforce and a better bottom line.”
The Principal Financial Group sponsors the national program, which is now in its eleventh year. It honors growing companies (five-1,000 employees) for their commitment to their employees’ financial security.
USP offers a core basket of fully paid benefits, with numerous options for upgrades at minimal employee expense. These include a three-tiered health care plan offering comprehensive coverage, with the organization paying the total cost of its base “silver” plan for employees and their families; a two-tiered dental plan with the organization paying the total cost of its “gold” plan for employees and their families; a 401(k) retirement savings plan in which the organization contributes 10 percent of the employees’ total cash compensation (including salary and bonus) per year after one year of service; tuition assistance of up to $10,000 per calendar year; short- and long-term disability plans that are fully covered at no employee expense; a life insurance plan that is fully covered at no employee expense; dependant and health care flexible spending accounts; generous annual vacation, sick and personal leave; and more. In addition, USP recently added a number of new benefits, including health care coverage for domestic partners and a leave donation program in which employees can donate their annual leave to other employees in the event of a catastrophic event requiring additional leave.
“We are proud and gratified to receive the tremendous honor of being named to Principal’s 10 Best list,” said Susan Bach, M.S.O.D., vice president of human resources for USP. “In keeping true to our mission of improving the health of people worldwide, we seek to provide the best-possible benefits to our own employees as they work to advance our mission. Our commitment to what we call a ‘total compensation philosophy’ that comprises competitive salaries, bonuses and extraordinary benefits is something that we live by as we evaluate our benefit offerings each year. This has been formalized at our Board level, demonstrating our pledge to employees.”
“We also give kudos back to our employees in how they utilize our benefits,” said Bach. For example, 95 percent of health care services are fulfilled by in-network providers, which helps to keep costs low and allows us to pass savings along to employees.”
As part of the recognition, The Principal® awards a donation to a charity selected by each winning company. USP chose The Reginald S. Lourie Center to receive the $2,500 donation.
Learn more about The Principal 10 Best Companies for Employee Financial Security at http://www.principal.com/10best. More information about USP’s current job openings, benefits and culture may be found at http://www.usp.jobs.
USP – Advancing Public Health Since 1820
The United States Pharmacopeial Convention (USP) is a scientific, nonprofit, standards-setting organization that advances public health through public standards and related programs that help ensure the quality, safety, and benefit of medicines and foods. USP’s standards are relied upon and used worldwide. For more information about USP visit http://www.usp.org.
About the Principal Financial Group
The Principal Financial Group (The Principal ®) is a global investment management leader including retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $367.1 billion in assets under management and serves some 18.2 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit http://www.principal.com.